Audit Code Of Conduct

Audit Code Of Conduct Template for Singapore

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Key Requirements PROMPT example:

"Need an Audit Code of Conduct for our medium-sized accounting firm in Singapore that specializes in technology startups, with particular emphasis on data protection and cybersecurity protocols to be implemented by March 2025."

Document background

The Audit Code of Conduct serves as a fouNDAtional document for audit firms operating in Singapore, establishing clear guidelines for professional behavior and ethical standards. It addresses the increasing complexity of audit engagements and the need for maintaining high professional standards in accordance with Singapore's regulatory requirements. This document incorporates both local regulatory requirements and international best practices, providing comprehensive guidance on independence, confidentiality, quality control, and professional competence. The Code is essential for ensuring consistency in audit practice and maintaining public trust in the audit profession.

Suggested Sections

1. 1. Purpose and Scope: Defines the objectives and applicability of the Code of Conduct, including reference to relevant Singapore legislation and regulatory frameworks

2. 2. Professional Ethics: Core ethical principles including integrity, objectivity, professional competence, confidentiality and professional behavior aligned with ACRA and ISCA requirements

3. 3. Independence Requirements: Detailed requirements for maintaining auditor independence, including financial interests, business relationships, and cooling-off periods

4. 4. Quality Control Standards: Procedures for maintaining audit quality, including engagement acceptance, supervision, review processes and compliance with Singapore Standards on Auditing

5. 5. Confidentiality and Data Protection: Requirements for handling confidential information in compliance with PDPA 2012 and professional standards

6. 6. Documentation Requirements: Standards for audit documentation, record-keeping, and retention periods in accordance with Singapore regulations

7. 7. Compliance and Monitoring: Procedures for monitoring compliance with the code and handling violations

Optional Sections

1. Industry-Specific Requirements: Additional requirements for specific regulated industries such as banking, insurance, and listed companies

2. International Assignments: Guidelines for cross-border audits and international client engagements

3. Technology and Cybersecurity: Guidelines for using audit software, technology, and maintaining cybersecurity standards

4. Remote Working Protocols: Specific guidelines for conducting audit work remotely while maintaining quality and security standards

Suggested Schedules

1. Schedule 1: Independence Declaration Template: Standard form for declaring independence and conflicts of interest

2. Schedule 2: Quality Control Checklist: Detailed checklist for quality control procedures and documentation requirements

3. Schedule 3: Professional Standards Reference: Comprehensive list of applicable Singapore and international professional standards

4. Schedule 4: Training Requirements: Schedule of maNDAtory training, CPE requirements, and professional development expectations

5. Schedule 5: Compliance Forms: Standard forms for reporting violations, seeking clarifications, and documenting ethical decisions

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services
Public Listed Companies
Professional Services
Regulatory Bodies

Relevant Teams

Audit
Quality Assurance
Risk Management
Compliance
Professional Standards

Relevant Roles

Audit Partner
Senior Auditor
Audit Manager
Quality Assurance Director
Compliance Officer
Risk Management Officer
Professional Standards Director

Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, including statutory requirements for audit and financial reporting

Accountants Act (Cap. 2): Legislation regulating the accounting profession in Singapore, including registration and oversight of public accountants

Securities and Futures Act (Cap. 289): Regulatory framework for securities and derivatives markets, including financial reporting requirements for listed entities

Singapore Standards on Auditing (SSAs): Professional standards that establish requirements and guidance for conducting audits in Singapore

ACRA Code of Professional Conduct and Ethics: Ethical principles and conduct requirements for public accountants and accounting entities regulated by ACRA

ISCA Guidelines: Professional guidelines issued by the Institute of Singapore Chartered Accountants for its members

ACRA Regulations: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for audit firms and public accountants

SGX Listing Requirements: Requirements for listed companies on the Singapore Exchange, including audit and corporate governance provisions

Practice Monitoring Programme (PMP): ACRA's audit quality review program to ensure public accountants comply with auditing standards

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data in Singapore

Corruption, Drug Trafficking and Other Serious Crimes Act: Anti-money laundering legislation that impacts audit procedures and reporting obligations

Terrorism (Suppression of Financing) Act: Legislation related to preventing terrorist financing that affects audit procedures and reporting requirements

International Standards on Auditing: Global standards that form the basis for Singapore Standards on Auditing

IESBA Code: International Ethics Standards Board for Accountants Code that influences local ethical requirements

Code of Corporate Governance: Singapore's principles and guidelines for corporate governance practices, including audit committee requirements

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